Reserch On The Withdrawal Of China Venture Capital And The Construction Of Muliti-Layer Capital Market

Venture capital is a creative financial tool which integrates both financing and investment, as well as capital supply and management assistance in one system. It is a co-production of high-technological knowledge and financial means; it is also the integration of the stock market and the technological market; and it is a coorperation between investors and enterprisers. Venture capital offers a new capital supporting way to the conduct of the high-technology and creativity of the new economic growth. Venture capital successfully avoides various kinds of potential risks in innovation enterprises by the fully participation of the investors. The successful withdrawal of venture capital is the premise for the realization of the venture capital growth. It is a guarantee for the continuous cycling of the venture capital both in time and space. From the perspective of the capital marketing, the withdrawal of venture capital can be divided into the following three categories: the withdrawal of private capital market, the public capital market and the internal withdrawal of innovation enterprise. In the essence, venture capital is a product of the capital flow, and the realization of which depends on the efficiency of the capital market operation.With an empirical analysis, the present paper concluded that the simplicity of the hierarchy structure of Chinese capital market lead to the dilemma for the withdrawal of venture capital. Through the comparative analysis on hierarchy of capital market home and abroad, the present paper uncovered problems and defects of capital market hierarchy system in original capital withdrawal mechanism. Meanwhile, based on the lessons drawn from fundamental experience of overseas multi-layer capital market system development, the paper primarily probed the capital market levels system in China, and put forward the necessity of accelerating growth enterprise board, completing local equity market, providing diversified withdrawal channels for original capital, and promoting the process of industrial application of new and high technologies.